ceiling on no.of audits
kalpana maheshwari
. Can i still take 45 tax audit assignments of non corporate firms.
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ca.suma...@gmail.com
The answer to both your queries is YES.
CA.Sumantra Guha
9831015331
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onlinetaxupdation
Dear Member,
Extension Of Due Date For Filing ROI From 31.07.2012 To 31.08.2012
Vide Notification issued u/s 139(1), the CBDT has extended the ‘due date’ for
filing of returns of income for the Assessment Year 2012-13 to 31.08.2012 in
respect of assessees who are liable to file such returns by 31.07.2012.
Regards,
CA. Roshan Agrawal | B.Com
(H), FCA, DISA (ICAI) |
Partner | D A V A & Associates | Chartered Accountants |
52, Weston Street | 3rd Floor, Room # 302 | Kolkata 700 012 |
Phone +91 33 2211 5268 | +91 33 3023 0009 | +91 33 3008 7226 |Cell +91 933 098 0009 |
mail: ros...@dava.co.in| web: www.dava.co.in |
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KIRTI TULSYAN
REPLY 1
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CA ROHIT KABRA, FCA, DISA (ICA)
Chartered Accountant
Dear Madam,
1.the limit for co. audits in a financial year is 30. whether the same
covers audit of private cos?
limited co.
2.The limit for tax audits is 45. if i have already been the auditor in 30
cos., none of them covers u/s 44AB for tax audit
. Can i still take 45 tax audit assignments of non corporate firms.
As per council guidelines the limit of 30 companies also includes audit of
private companies. If none of the above 30 co's are covered under 44AB, 45
tax audits can be signed separately, but only tax audit of these 45 can be
signed not statutory audit.
Thanking You
CA Yagyesh Ladia
*i)* See 224(IB) states that an auditor cannot hold the audit of companies
in excess of the “specified number” of *twenty companies,* out of which not
more than *ten companies* shall have a paid-up capital of rupees
twenty-five lakhs or more.
*ii)* In the case of a *firm *of Chartered Accountants having two or more
partners, the specified number shall be counted per partner of the firm.
Example, If there are three partners, the firm can hold the audit of 60
companies of which not more than 30 companies shall have a paid-up capital
of Rs. 25 lakhs or more.
*iii)* When one person is a *partner in more than one firm* that person
shall be considered only once for the ceiling purposes. Just because he is
in more than one firm, he will not be considered more than once. He can
hold twenty audits in aggregate.
* *
*Audits Excluded:*
Following audits shall not be included while computing ‘specified number’:
*i) *Audit of a private company.
*ii) *An audit of a guarantee company having no share capital.
*iii) *An audit of a foreign company.
*iv)* An internal audit.
*v) *Audit of cooperative societies, trusts and corporations.
*vi) *Tax audits under Income Tax Act, 1961
*vii) *Special audit and investigations.
*viii) *Audit of Branch.
*ix) *Special audits.
*x) *Audits of non-corporate bodies
* *
*Audits Included:** *Following audits shall be included while computing
‘specified number’:
*i)* Joint Audit.
*ii) *An audit of a company licensed u/s 25.
* *
*ICAI Notification**
*• Limit is 30 including private companies.
• Maximum 10 public companies should be whose paid up capital > Rs. 25
lakhs
• Even a branch audit will be included but appointment should be under
section 228
* *
*Overall Limits ***
*As per Companies Act*
*As per C.A. Act***
*Applicable *
Accepting only Public Co.’s Audits
20
30
20
Accepting only Pvt. Co.’s Audit
Unlimited
30
30
* *
However, for tax audit, limit is 45 audit.
1.the limit for co. audits in a financial year is 30. The same covers
audit of private cos
2.The limit for tax audits is 45. if you have already been the auditor in
30 cos., none of them covers u/s 44AB for tax audit
1) Yes
2) 45 including both corporate and non corporate and excluding 44AD audits
Thanks & Regards
CA Pawan Periwal
Kirti Tulsyan
B.Com.,ACA,CS
P.D.Rungta & Co.
Chartered Accountants
Board : +91 33 3028 2500 / 1
Direct Line : +91 33 3028 2502/3
Cell : +91 9830174619
Head Office:
21, Hement Basu Sarani, 3rd Floor , Room .No.317
Kolkata-700 001,West Bengal, India
Branches :
Bhagalpur | Raipur | Khatima | Godda
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vi...@vnv.co.in
Hi All
Our’s is partnership firm with 2 partners
Total limit of Tax Audit is 45*2 = 90
Can one partner sign all 90 on behalf of Firm….. is this inline with the council guidelines
Pl clarify… thanks and in advance
Regards
Vinay
From: foru...@googlegroups.com [mailto:foru...@googlegroups.com] On Behalf Of KIRTI TULSYAN
Sent: Wednesday, August 01, 2012 11:13 AM
To: forum4ca
Subject: [CA RUNGTA P D] ceiling on no.of audits
Dear Sir,
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